Total share price returns were lower at 0.9% for the period, highlighting a substantial widening of the discount since the beginning of 2022. At period end, the discount was 12.5%, a significant widening from its 4.9% three-year average. As of 10/05/2022, it has widened further to 14.9% since the period end.

A decline in the NAV and share price at the end of the reporting period mirrored broader trends in the small-cap market, which has been battered by a combination of inflationary fears and uncertainty stemming from Russia’s invasion of Ukraine.

Total dividends per share increased to 35p for the period, reflecting a year-on-year rise of 5.1%. The board considers dividends to be an important component of shareholder return, and they have increased every year since 2003.

Revenue per share increased to 35.29p, an increase of 164% on 2021, both reflecting the dramatic cut which the companies in the portfolio undertook in the early stages of the pandemic and their subsequent bounce back in FY 2022.

Ronald Gould, the chairman of the board, said: “The Company has always been focused on investing in well-capitalised balance sheets of companies with strong, entrepreneurial management teams who can quickly pivot their businesses to the changing dynamics of the market. This context makes us believe the portfolio is fairly well positioned in the current environment and remains poised to weather further turbulence ahead and take advantage of investment opportunities that may arise in what is expected to be a turbulent period.”